June 25, 2015
We get a few clients calling and asking about FEIN numbers. The typical questions we get are: What is it, Do I need one, How do I get one? According to www.irs.gov "An Employer Identification Number(EIN) is also known as a Federal Tax Identification Number, and is used to identify a business entitiy. Generally, businesses need an EIN."
Before applying for an EIN number ask yourself these questions:
*Do I have employees?
*Do I operate my business as a corporation or a partnership?
*Do I file any of these tax returns: Employment, Excise, or Alcohol, Tobacco and Firearms?
*Do I withhold taxes or income, other than wages, paid to a non-resident alien?
*Do I have a Keogh Plan (retirement play for self-employed people)?
*Am I involved with any of the following types of organizations:
~Trusts, except certain grantor-owned revocable trusts, IRAs, Exempt Organization Business Income Tax Returns
~ Real estate mortgage investment conduits
How do you apply for FEIN? You may apply for an EIN in various ways and now you may apply online. This is a free service offered by the Internal Revenue Service and you can get your EIN immediately. First you must check with your state to make sure you need a state number or name of entity, this step is very important. To get more detailed information on how to apply for an EIN number please visit www.irs.gov and type in the search box "EIN". However we ask that you please call us if you think you need an EIN. We will be glad to help you with this process.